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Pipeline to prospertity in U.S.?

October 5, 2011 - John D'Agostino
It is booming in North Dakota.

At least that is what Harold Hamm says. Hamm, founder and chief executive officer of Continental Resources, was the focus of the Weekend Interview in The Wall Street Journal on Oct. 1. Currently, his company is drilling in the Bakken fields of North Dakota and Montana.

Hamm estimates 24 billion barrels of oil could be found in the Great Plains, which is one of the reasons North Dakota’s jobless rate is 3.5 percent and has 18,000 unfilled jobs. Even with the success — and abundance of natural resources in this area, President Obama would rather find "green" options for the future instead of energy solutions for today.

"(Obama) turned to me and said, 'Oil and gas will be important for the next few years. But we need to go on to green and alternative energy,' " Hamm said about a visit with the president in The Wall Street Journal. " '(Energy) Secretary (Steve) Chu has assured me that within five years, we can have a battery developed that will make a car with the equivalent of 130 miles per gallon.' "

Which brought some skepticism from Hamm: "Even if you believed that, why would you want to stop oil and gas development? It was pretty disappointing."

Just like the rest of the Obama failed economic fixes.


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